NOON SNAPSHOT - Americas Markets Summary

16 May 2008 18:00  [Source: ICIS news]

HOUSTON (ICIS news)--Here is Friday’s mid-day Americas oil and chemical market summary from ICIS pricing.

CRUDE: WTI: $126.80, up $2.68; Brent: $125.30, up $2.67
Crude prices surged on the back of a rally in gas oil and distillates, responding to tight diesel supplies. The market also took notice of a forecast by Goldman Sachs projecting that crude prices will average $141.00/bbl in the second half of 2008. June WTI (West Texas Intermediate) topped out at an all-time high of $127.82/bbl and July Brent at $126.34/bbln not a record, before retreating.

NATURAL GAS: $11.265/m Btu, down 13.4 cents
Natural gas prices fell down on mild spring weather forecasts and a larger-than forecast build up in domestic stockpiles.

RBOB: $3.2191/gal, up 5.33 cents
The June reformulated gasoline blendstock for oxygenate blending (RBOB) contract rebounded from Thursday’s losses. The jump was attributed to the record highs seen in crude during early morning trade.

BENZENE: May benzene discussions were thin in early morning trade. However, June benzene spot levels were said to be at $4.17-4.19/gal FOB (free on board) HTC (Houston-Texas City).

ETHYLENE: US spot ethylene for May was offered on Friday at 58.00 cents/lb. Ethylene for May traded on Thursday at 57.00 cents/lb.

PROPYLENE: US spot propylene market activity was subdued. Refinery grade propylene (RGP) for May traded at 63.75 cents/lb on Wednesday.

For more pricing intelligence please visit www.icispricing.com

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